Goldman Sachs analyst slash his price target on Apple Inc

Posted - November 21 201819:45

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Goldman Sachs analyst slash his price target on Apple Inc

Similar to last year, despite the orders being cut by 20 million units, the iPhone X brought an 11% increase in revenue in the earlier earnings report this year, so Apple could be implementing the same strategy for this year's iPhones. Particularly hard hit is the iPhone XR, which has seen order cut-backs twice since its introduction in September, according to the Journal.

On Nov. 1, the analyst also cut his stock forecast for the company to $222 from $240 after Apple offered a December-quarter sales forecast that was lower than expected. Reports on the internet are attributing the reduction in production to the "lower-than-expected" demand of the latest devices.

According to sources, the problem arose because of the difficulties with forecasting demand for new models. New Street Research restated a sell rating on shares of Apple in a research note on Tuesday, September 18th. Apple has reduced iPhone XS and iPhone XS Max orders as well in the recent past.

Now playing: Watch this: How deep can the iPhone XS and XR go?

Enthusiasm regarding Apple's shift towards a software and services business model sent the smartphone maker's market capitalization soaring above $1 trillion this summer. Schwab Charles Investment Management Inc. grew its position in shares of Apple by 1.8% in the 1st quarter.

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